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EduCare

  • Financial protection against any unforeseen events - in case of death of the Life Assured, Orient will pay 1% of sum assured every month to the family. Furthermore, all remaining premiums till maturity of the plan will be paid by the insurance company.
  • Savings element - sum assured plus accrued bonuses are guaranteed on survival at maturity of policy.
  • Accidental Death Benefit (Additional) - the nominated beneficiary will receive double the Sum Assured only if Accidental Death Benefit Sum Assured is equal to the Basic Sum Assured.
  • Permanent Total Disability (Accident & Sickness) – the policy holder / nominated beneficiary will receive the Sum Assured subject to a maximum Sum Assured of Permanent Total Disability.
  • Passive War Risk – The nominated beneficiary will receive the sum assured value due to an unfortunate death of the Policy holder in case a passive war is declared.
Plan Benefit EduCare EduCare Plus*
Minimum plan term 5 years 8 years
Premium payment termSame as plan term2/3rd of plan term (rounded up)
Maximum Term 30 years 30 years
Minimum age at entry 18 years next birthday 18 years next birthday
Maximum age at entry65 years next birthday 62 years next birthday
Maximum age at maturity 70 years next birthday 70 years next birthday
Death Benefit 1. Family income benefit (1% of sum assured every month till maturity)
2. Waiver of premium
3. Guaranteed maturity benefit		 1. 100% guaranteed sum assured
2. Family income benefit (1% of sum assured every month till maturity)
3. Waiver of premium
4. Guaranteed maturity benefits
Guaranteed maturity benefit100% guaranteed sum assured + 1% guaranteed bonus (1% x sum assured x plan term) + reversionary and terminal bonuses (as declared by Orient insurance)
Terminal Bonus On declaration will be payable on death or maturity
Inbuilt ‘Waiver of Premium’ Yes – on event of death or establishment of Permanent Total disability of Life Assured. Policy will continue without paying future premiums
Partial/ Full Surrender of policy Allowed after 2 years from commencement of policy. Depends upon the term of Policy
Paid Up Value After the policy acquires Cash Value
Free Look Period 21 days from the Policy Issue Date
Grace Period 90 days from the last premium due date
Maximum Period for Policy Reinstatement 24 months from the last premium due date
Policy commencementAt the payment of the first premium
Beneficiary Multiple beneficiaries can be nominated. Beneficiaries can be changed anytime during the term of policy
Scope of Cover Worldwide
Assignment of Policy This is possible. Life Assured has to inform Orient
Minimum Premium Monthly - AED 250 / USD 70
Quarterly - AED 950 / USD 260
Half Yearly - AED 1,750 / USD 480
Yearly - AED 3,000 / USD 820		 Monthly - AED 250 / USD 100
Quarterly - AED 750 / USD 250
Half Yearly - AED 1,500 / USD 500
Yearly - AED 3,000 / USD 1,000

*EduCare Plus is also referred as EduCare Limited



Important Notes

  • The Policy can be issued in the name of individuals only
  • The premiums for the Life Assured can be paid by a Third Party, provided such payment is routed through a CBD Account

Required Documents

  • Completed and signed application form
  • Signed illustration
  • Passport Copy with valid UAE/ GCC residency visa
  • Copy of standing order form (for payments by Account Debit)
  • Medical and/or Financial Questionnaire (if applicable)
  • Any other document as required by Orient (as applicable)

Eligibility Criteria

CBD Individual Customers:

  • With valid UAE/GCC nationality or residence visa
  • Within the age bracket of 18-65 years

What is the minimum premium of EduCare Policy?

The minimum premium is as follows:

  • Monthly: AED 250 / USD 70
  • Quarterly: AED 950 / USD 260
  • Half Yearly: AED 1,750 / USD 480
  • Yearly: AED 3,000 / USD 820

Is assignment of EduCare Policy possible?

Assignment of EduCare policy is possible. Life Assured will need to let Orient know.

Can I nominate multiple beneficiaries in EduCare plan?

Multiple beneficiaries can be nominated. Beneficiaries can also be changed at any point during the term of the policy.

What is the scope of cover in EduCare Policy?

Worldwide - you are covered no matter where you go.

When is the grace period of EduCare Policy?

This is 90 days from the last premium due date.

When is the free look period of EduCare Policy?

It is 21 days from the policy issue date.

When is the Paid Up Value ?

After the policy acquires a Cash Value.

Is it possible to partial or full surrender of EduCare Policy and when?

It is allowed 2 years after commencement of the policy. However, please keep in mind, it also depends on the terms of the policy.

When is premium waived in EduCare Policy?

On the event of death or establishment of permanent total disability of life assured.

When is terminal bonus paid in EduCare Policy ?

Once declared, it will be payable on death or maturity.

Is EduCare policy available in other currencies?

EduCare is offered in USD and AED.

Are my EduCare Maturity benefits guaranteed?

You are sure to get the 100% of the Sum Assured + Guaranteed Bonus (1% x Sum Assured x Term) + Terminal Bonus.

What happen in case of the death or permanent total disability of EduCare Policy holder?

The insurance provider will continue to pay all the remaining premiums until maturity. Upon death of the policy holder, 1% of the Sum Assured will be paid to the family on a monthly basis until maturity of the original plan.

What are the benefits and features of EduCare?

The benefits include: financial protection against any unforeseen event with family income benefits, waiver of premium, guaranteed sum assured, 1% annual guaranteed bonus on sum assured, annual reversionary bonus as declared by the insurance company and a terminal bonus as declared by the insurance company. 

What is EduCare?

It is a great saving plan for your child's education giving guaranteed returns at maturity which is bundled with life insurance, waiver of premium and family income benefits. Learn more about EduCare.

What will I get on maturity of the EduCare Insurance plan?

The EduCare Insurance plan will give you the following on maturity: 100% Sum Assured + (Guaranteed bonus 1% of Sum Assured x Tenor) + Reversionary Bonus (as declared by Orient) + Terminal Bonus (as declared by Orient).

Can someone else pay for my EduCare Insurance plan?

Third party payments are allowed. However the payment needs to carried out through a CBD account of the said third party.

Can I change my premium contribution schedule during the term of the EduCare Insurance plan?

You can change the premium contribution schedule as per your convenience during the plan term.

How frequently can I make premium contributions to the EduCare Insurance plan?

You can make them monthly, quarterly, half yearly or yearly.

What should be the policyholder's maximum age at maturity for EduCare plan?

70 years on the next birthday.

What should be the policyholder's minimum age at entry for EduCare plan?

18 years on the next birthday.

What is the minimum and maximum term of the EduCare Insurance plan?

A minimum term of 5 years and maximum of 30 years.

What are features of EduCare?

Asides from being covered throughout the world, other EduCare features include:

  • A policy term of 5 to 30 years availability in AED and USD.
  • An option to select multiple policies.
  • Flexible payment options: Monthly, Quarterly, Half Yearly or Yearly.
  • The option of paying the Premium amount directly by debiting your CBD Account or from your CBD Credit Card.

How can I make premium payment for my EduCare Policy?

You can pay it directly through your CBD Account or from your CBD Credit Card.

Can I get more than one EduCare policy?

One of the great features of this policy is the option to select multiple policies.

Which optional riders are available with EduCare plan?

You can avail any of the following optional riders at minimal cost:

  • Accidental death benefit
  • Permanent total disability (accident sickness)
  • Permanent total disability (accident)
  • Passive war risk

Disclaimer

This Product is offered by Orient Insurance PJSC for CBD Clients and is subject to their approval. Terms and Conditions of the Insurance policy shall apply. The insurance cover shall only start after the issuance of policy by Orient Insurance. Details presented are for your information only. CBD is neither responsible for, nor guarantees or warrants the quality, fitness for purpose, suitability of the Product / Covers being offered and does not accept any liability and will not be liable for any loss or damage arising directly or indirectly to the client taking the Insurance or beneficiaries or any others.

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